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Ship Plate Market Size - By Product (Carbon Steel, Stainless Steel), By Application (Tanker, Bulker, Container), Growth Drivers, Regional Insights & Global Forecast, 2023-2032

  • Report ID: GMI3734
  • Published Date: Aug 2023
  • Report Format: PDF

Ship Plate  Market Size

Ship Plate Market size is expected to record 3% CAGR from 2023 to 2032, driven by burgeoning international trade.


Ship Plate Market

The rapid expansion of international trade and commerce has made way for the increasing demand for new and efficient vessels to transport goods across oceans worldwide. According to the UNCTAD Report 2022, the international shipping industry is responsible for carriage of around 80% of world trade.  Ship plates, being a crucial component in shipbuilding, experience rising demand to construct sturdy and reliable ships. The growth of e-commerce and cross-border trade is further escalating the need for container ships and cargo vessels, boosting the market development.


Ship Plate Market Growth Drivers and Restraints

Increasing military and naval modernization efforts worldwide may stimulate the need for new warships, submarines, and patrol vessels, thereby supporting market growth. Similarly, fluctuations in the cost of steel and other essential materials deployed in ship plate production can lead to unpredictable manufacturing costs and reduced profit margins for shipbuilders, disrupting the supply chain and delay shipbuilding projects. Such uncertainties may also deter investments in the shipbuilding industry, thereby slowing down the industry growth.


COVID-19 Impact

The COVID-19 pandemic had significant impact on the ship plate market due to the influx of lockdowns and restrictions that resulted in delays in construction projects and logistical challenges, hampering the production and delivery of ship plates. The reduced economic activities and uncertainties in the maritime industry led to delays in ship orders and investments. However, with the world recovering from the pandemic, the market is expected to rebound with the resumption of trade and economic activities, presenting opportunities for growth and revitalization in the shipbuilding sector.


Ship Plate Market Analysis

Ship plate market size from the carbon steel segment witnessed notable growth in 2022 and is poised to gain significant traction through 2032. Carbon steel ship plates are widely used in shipbuilding due to their excellent mechanical properties, affordability, and ease of fabrication. The expanding global maritime trade has led to the increasing demand for new vessels. Additionally, the rising focus on energy efficiency and environmental sustainability in the shipping industry will drive the demand for lightweight yet durable carbon steel ship plates, adding to the segment growth.


The tanker application segment accounted for more than 40% share of ship plate market and is projected to grow substantially between 2023 and 2032. Tankers that are used for the transportation of oil, chemicals, and other bulk liquids worldwide, are witnessing surging demand due to increasing energy consumption and international trade. Moreover, the replacement of older tankers with more fuel-efficient and eco-friendly vessels is driving the demand for advanced ship plates. The robust presence of key tanker market players in several countries in the Asia Pacific, Middle East, and Europe will also contribute significantly to the segment expansion.


Asia Pacific holds over 90% share of the global ship plate market and is set to reach significant revenue share by 2032, attributed to the rising demand for maritime transportation, expansion of the shipbuilding industry, and increasing international trade activities. Furthermore, the introduction of severe marine safety rules has prompted the replacement and modernization of current fleets and ports, fueling the market growth. For instance, in June 2030, Singapore announced a S$20 billion proposal to develop the world's largest automated port by 2040 for doubling the present area, including drones and autonomous vehicles.


Ship Plate Market Share

Some of the key companies in the ship plate industry include:

  • Nanjing Steel
  • Arcelor Mittal
  • Baosteel Group Corporation
  • Hyundai
  • JFE Steel Corporation
  • Ansteel
  • Hyundai Steel
  • Nippon Steel
  • Essar Steel

Ship Plate Industry News

  • In May 2023, Aramco, a leading integrated energy and chemicals company, signed a shareholders' agreement with Baosteel, a prominent steel conglomerate, for the establishment of an integrated steel plate manufacturing complex in Saudi Arabia.

This market research report on ship plate includes in-depth coverage of the industry with estimates & forecast in terms of volume in million tons & revenue in USD million from 2023 to 2032 for the following segments:

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By Product

  • Stainless Steel
  • Carbon Steel

 By Application

  • Tanker
  •  Bulker
  •  Container

By Region

  • North America
    • U.S.
  • Europe
    • Romania
    • Germany
    • Italy
    • Netherlands
  • Asia pacific
    • China
    • India
    • Japan
    • South Korea
    • Philippines
  • Latin America
    • Brazil
  • Middle East & Africa
    • UAE


Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of ship plate is poised to expand at over 3% CAGR from 2023 to 2032, owing to the ongoing expansion of international trade and commerce worldwide.

Ship plate market from the carbon steel segment is poised to record lucrative growth through 2032, driven by widespread usage in shipbuilding due to their excellent mechanical properties, affordability, and ease of fabrication.

Asia Pacific accounts for over 90% share of the ship plate industry and is estimated to expand considerably through 2032, attributed to the rising demand for maritime transportation, expansion of the shipbuilding industry, and increasing international trade activities.

Nanjing Steel, Arcelor Mittal, Baosteel Group Corporation, Hyundai, JFE Steel Corporation, Ansteel, POSCO, Hyundai Steel, Nippon Steel, Essar Steel, etc.

Ship Plate Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 214
  • Countries covered: 12
  • Pages: 160
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